Housing AI company hits $4B valuation as it expands into healthcare
An artificial intelligence startup that works with both health systems and corporate landlords, automating many aspects of business operations from scheduling to follow-up communications has hit a $4 billion valuation after earning $350 million in new investments.
Fortune was given an exclusive on the news, which was officially announced by EliseAI on Tuesday. As noted by Fortune, the new valuation means the administrative automation company has nearly doubled its valuation in a year, having been valued at $2.2 billion only 13 months ago, when it earned $250 million in Series E funding.
This new round was led by Andreessen Horowitz and Bessemer Venture Partners, with a number of institutional investors also participating, including the Ontario Teachers' Pension Plan, Sapphire Ventures and Navitas Capital.
In a statement, EliseAI said it will be using the new funds to improve its automation capabilities, while building out its technology and investing in its sales team across North America.
The company said it's focused on business operations for housing and healthcare because they represent the “two largest expenses for American households and among the industries least served by technology.”
EliseAI added that both spaces suffer from heavy administrative and regulatory burdens that leave staff with less time to focus on customers. It said it was founded on the idea that removing the manual labor associated with compliance and business operations will reduce costs, making both housing and healthcare more affordable for everyone.
More time for patient care
Granted, most of EliseAI’s work has been in housing, but four years ago it began making a bigger shift into healthcare, recognizing its technology—which helps landlords to automate leasing and rental communications and to manage satisfaction surveys—can be applied to hospitals and health systems.
It’s now spun its healthcare sector into its own dedicated business within EliseAI, where it currently works mostly with specialty physician groups to streamline inbound call referrals, manage scheduling, automate insurance verifications, and reach out to patients with information on care plans and follow-up visits.
“Leading healthcare organizations are seeing better patient experiences, clinical staff with more time to focus on care, and no patients falling through the cracks,” the company stated.
Part of this new investment will be used to build out its healthcare capabilities.
Chad is an award-winning writer and editor with over 15 years of experience working in media. He has a decade-long professional background in healthcare, working as a writer and in public relations.